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Daily Digest

FedEx Corp. Falls Short Of Q3 Profit Forecasts

Memphis-based FedEx Corp. enjoyed record shipping levels in its peak season for deliveries, but still fell short of third-quarter profit forecasts.

In its Tuesday, March 21, earnings call, FedEx reported net income of $562 million, or $2.07 per share, for the fiscal quarter that ended Feb. 28. That was an increase from $507 million, or $1.84 per share, for the same period last year.

Smith cited deals reached with the U.S. Postal Service and Walgreens in the third quarter as examples of FedEx’s expanded portfolio of services.

However, the average consensus forecast was for profit $2.63 per share, according to Zacks Investment Research.

Conversely, revenues for the company rose to $15 billion from $12.7 billion a year ago, topping Zacks’ forecast of $14.96 billion. The company expects full-year earnings in the range of $11.85 to $12.35 per share.

Operating results were impacted by the negative net impact of fuel, one less operating day at FedEx Express and FedEx Ground, and network expansion at FedEx Ground, said Alan B. Graf Jr., FedEx Corp. executive vice president and chief financial officer.

These factors were partially offset by yield growth in all of the company’s transportation segments, he added.

“Three things you should know about fuel,” Graf said. “First, jet fuel prices increased 30 percent year over year for the quarter. Second, year over year we had a benefit from net fuel from Q3 last year and a loss from net fuel this year.

"Thirdly, last month we began adjusting our fuel surcharge weekly instead of monthly at both Express and Ground,” Graf said.

With that change, he said, fuel will not impact future expenses as much as it did in the past, but the benefits won’t be felt until February 2018.

Fill integration of its acquisition of TNT Express, the largest in FedEx's history, is proceeding smoothly but could take four years, FedEx president and chief operating officer David J. Bronczek said.

– Patrick Lantrip

Critical Focus Schools Meeting Slated for Monday

Parents of students in the 19 “critical focus” schools in the Shelby County Schools system and those who live in the communities around those schools will hear more about the plan to improve the low-enrollment, low-student achievement schools Monday, March 27, at the Salvation Army Kroc Center, 800 East Parkway S. at 6 p.m.

SCS superintendent Dorsey Hopson is proposing funding to turn around the schools that would otherwise be proposed for closing and consolidation with other schools.

The school district will provide bus transportation to the meeting from four central locations – Hamilton Middle School, Hawkins Mill Elementary, Knight Road Elementary and Westwood High. The buses leave those locations at 5:15 p.m. and will leave Kroc Center for the return trip at 7:10 p.m.

– Bill Dries

Roland Critical of Alexander’s Opposition to Clean Line

Shelby County Commissioner Terry Roland is critical of U.S. Sen. Lamar Alexander’s opposition to including wind energy from a “clean line” in the Tennessee Valley Authority’s energy portfolio.

In a press conference to be held Thursday, March 23, Roland, who is running for the Republican nomination for Shelby County mayor, planned to counter Alexander’s opposition to the Plains and Eastern Clean Line along with an executive of the company.

In a prepared statement in advance of the press conference, Roland said Alexander’s opposition “put his own agenda ahead of what’s best for West Tennessee.”

Roland also cited resolutions from six local entities, including the county commission, backing the clean line.

“All agree that having low-cost wind energy would be a huge asset to our region,” he said.

Speaking from the Senate floor Wednesday, Alexander said wind power is “unreliable” and “could cost ratepayers $1 billion over the next 20 years.”

“TVA has concluded it doesn’t need more power for the foreseeable future,” Alexander added. “Therefore, its board should resist obligating TVA ratepayers for any new large power contracts, much less contracts for comparatively expensive and unreliable wind power.”

Memphis Light, Gas and Water Division, whose board is among those backing the clean line, is TVA’s largest customer.

– Bill Dries

AutoZone Buys Back Another $750M in Stock

The company this week said its board has authorized the repurchase of an additional $750 million worth of the company’s common stock as part of its ongoing share repurchase program. Since 1998, and including the new amount, AutoZone’s board has authorized the repurchase of $18.7 billion worth of stock.

Detail-One to Launch Mobile Detail Service

Detail-One is set to open a mobile detail service in Memphis and surrounding communities beginning April 3.

Detail One, a division of GabEli-Shelton Partners LLC, will use custom field and customer management software to accommodate the ordering process all the way to order fulfillment, according to a company release.

The new technology allows Detail-One to accommodate the car-cleaning service needs of car poolers, busy professionals and the everyday driver. Clients can order service via its website – detailonenow.com – or mobile app and even get an optional one-hour service guarantee.

A photo of the service adviser is instantly sent to the client as an added security measure.

Detail-One will start with a service capacity of 98 units per day and expects to expand to serve 150 vehicles daily by the fall of 2017, according to the release.

Though most payments are done online, users will have the option to pay at the time of service using electronic means.

Tamron Hall to Keynote Legends Awards Luncheon

Award-winning journalist and philanthropist Tamron Hall will serve as the 2017 Annual Tribute Luncheon keynote speaker for the Women’s Foundation for a Greater Memphis.

The luncheon is April 27 from 11:30 a.m. to 1:15 p.m. at the Memphis Cook Convention Center, 255 N. Main St. The presenting sponsor is FedEx Corp.

Hall has been the host of "Deadline: Crime with Tamron Hall" on Investigation Discovery since September 2013. She was a part of the NBC News team as a co-host of the third hour of NBC News’ TODAY show and the anchor of MSNBC Live with Tamron Hall.

Hall’s passion and commitment to “women helping women” reflects the mission and vision of the Women’s Foundation for a Greater Memphis (WFGM). Most recently, Hall launched The Tamron Renate Fund with Safe Horizon in honor of her sister to help victims and families affected by domestic violence.

Morgan, who will receive the Catalyst Award, has spent three decades working to break the cycle of homelessness locally, statewide and nationally.

Holden-Nixon will receive the Innovation Award. She has been a passionate, tireless advocate for children and families for more than 30 years.

Green, who will receive the Philanthropy and Leadership Award, is a founding board member of WFGM and the Philanthropic Black Women of Memphis.

A Legends Award Reception will be held on April 13, from 6 p.m. to 8 p.m. at The Columns at One Commerce Square, 40 S. Main St. The reception’s presenting sponsor is Baptist Memorial Health Care. The venue sponsor is Caesars Entertainment.

Loeb Building Retail Center Near Overton Square

Loeb Properties has announced it will build a new retail center at 2046 Union Ave., around the corner from Overton Square

The new 7,500-square-foot Midtown building, which will sit at the corner of Union Avenue and Diana Street, will include a restaurant with patio option, dedicated parking lot, Union Avenue frontage and “contemporary features.”

In conjunction with the announcement, the company filed a $1.2 million building permit application with the city-county Office of Construction Code Enforcement for the new building.

Loeb currently is preleasing the last remaining 2,250 square feet of availability, which is ideal for restaurant or retail use, according to the company.

The identity of confirmed tenants is being withheld at the tenants’ request, according to Loeb.

Demolition on the existing building, which was a former Valvoline Instant Oil Change location, will begin April 1, with construction on the new building beginning in May and wrapping up this fall.

ServiceMaster Partnering With Minor League Baseball

With the goal of enhancing fans’ ballpark experience and connecting its local providers with Minor League Baseball teams for ballpark cleaning, pest control and maintenance, each of ServiceMaster’s seven brands will become the official MiLB designator in these categories:

• American Home Shield: Official Home Warranty of Minor League Baseball

• AmeriSpec: Official Home and Commercial Property Inspector of Minor League Baseball

• Furniture Medic: Official Furniture Repair and Restoration Specialist of Minor League Baseball

• Merry Maids: Official Home Cleaning Provider of Minor League Baseball

In conjunction with the partnership, the company will be embarking on the “ServiceMaster Ballpark Tour,” taking its ServiceMaster Experience traveling display – a 53-foot, double-expandable trailer custom-built to resemble a home – to MiLB ballparks in Texas, California and Florida from June 23 to Aug. 26.

First Tennessee Opens Fourth HOPE Inside Office

First Tennessee Bank is set to open its fourth HOPE Inside office Thursday, March 23, at 3 p.m. at the First Tennessee branch at 3391 N. Watkins in Frayser.

Shelby County Trustee David Lenoir will be on hand, along with Bo Allen, West Tennessee president for First Tennessee, and other bank officials.

The location is First Tennessee’s 11th HOPE Inside location across its footprint and is part of the bank’s ongoing partnership with Operation HOPE to help people increase their credit scores and improve their money management skills.

The services are free and part of First Tennessee’s commitment to helping consumers improve their financial literacy and boost their credit scores to help create stronger communities.

The bank also recently opened a center at Mason Temple in conjunction with the Church of God in Christ, and it opened the first HOPE Inside office in Mississippi at the bank’s Senatobia branch at 207 E. Main St.

Dairy's Parking Lot Plan In Overton Square Withdrawn

A proposal for a parking lot at the Turner Dairy plant in Overton Square was withdrawn by developers before a Memphis City Council vote on the matter scheduled for Tuesday, March 21.

The dairy is expanding but needed council approval for a parking lot that was to be a part of the expansion. The parking lot plan had drawn opposition from neighbors and the entertainment district. It also had been rejected by the Land Use Control Board.

In other matters, the council approved on third and final reading an ordinance that changes how the city handles false burglar alarms.

The ordinance proposed by councilman Philip Spinosa raises the false alarm fine from $25 to $50 per incident after an initial warning.

And the council set the stage for an April 11 vote on third and final reading of council chairman Berlin Boyd’s ordinance to increase fees for on-street parking Downtown on game nights at FedExForum by passing the measure Tuesday on the second of three readings.

– Bill Dries

3 U of M Athletes Among Ashe Award Semifinalists

Three University of Memphis student-athletes are among the top 20 male and female semifinalists for the 2017 Arthur Ashe Jr. Sports Scholar Award.

In all, the American Athletic Conference had six student-athletes named to the lists. The additional student-athletes in the conference were UConn’s Danielle Bordes, Cincinnati’s Valentina Herrera, and USF’s Olga Martinez-Manso.

Each year, Diverse: Issues In Higher Education invites colleges and universities to participate in the awards program by nominating their sports scholars.

In addition to their athletic ability, students named Arthur Ashe Jr. Sports Scholars must maintain a cumulative grade-point average of at least 3.2 and be active on their campuses or in their community.

Past Ashe scholars include: Baylor University’s Robert Griffin III (2011), the University of Tennessee’s Kara Lawson (2003), San Diego State University’s Marshall Faulk (1993) and the University of Kansas’ Jacque Vaughn (1996). Nominated by their respective institutions, the students were chosen from over 1,200 minority student-athletes.

The winner of the 2017 award will be announced at a luncheon April 11 at the University of Richmond (Virginia). Bernard Franklin, executive vice president of the NCAA, will participate in the program.

In addition to being named semifinalists, all three Memphis athletes were named national team winners in their respective sports for the Arthur Ashe Jr. Sports Scholar special report, which will be published April 6.

– Don Wade

Memphis in May Triathlon Celebrating 35 Years

The Memphis in May Olympic Triathlon, one of the oldest continuous running triathlon events in the United States, is commemorating its 35th anniversary with an exhibition of the 35 annual limited-edition art posters at The Peddler Bike Shop, 517 S, Main St., from Friday, March 31, through May 21.

The poster for the 2017 Memphis in May Triathlon will be unveiled to the public at the opening reception Friday from 6 p.m. to 9 p.m. This year’s poster artist is Richard Williams, who has designed 13 triathlon posters. The exhibit is being presented by P.R. Event Management, producer of the annual triathlon event. The Peddler Bike Shop is a sponsor of this year’s Memphis in May Triathlon.

The art posters for the Memphis in May Triathlon were created by seven Memphis graphic artists through the years and represent 3 1/2 decades of the global community saluted by Memphis in May since its inception in 1982. The Memphis in May Triathlon began in 1983. This year’s spotlight is on Colombia, the 36th country to be recognized by the parent organization now in its 40th year.

The exhibit and opening night reception coincides with the monthly South Main Trolley Night, held the last Friday of every month. The galleries and shops along South Main are open late and trolley bus rides are free from Beale Street to G.E. Patterson.

– Don Wade

FedEx Express to Launch Liege-Memphis Flight

FedEx Express will begin operating a new flight linking its world hub in Memphis to TNT’s European air hub in Liège, Belgium, beginning in early April.

Connecting the FedEx Express and TNT worldwide networks is important, according to FedEx, to give TNT customers around the globe direct access to the portfolio of FedEx services in the U.S. and Canada.

“This new flight by FedEx Express is a tangible example of the customer benefits that the acquisition of TNT will bring,” said David Cunningham, president and CEO of FedEx Express, in a statement. “By combining our strengths, particularly the FedEx Express air network and TNT’s strong European road capabilities and Liège hub, we will connect even more people and possibilities.”

FedEx Express will use Boeing 777 Freighters offering 116 tons of capacity for the Liège-Memphis service.

Once in Memphis, TNT shipment volumes will be injected into the FedEx network for delivery across the U.S. and Canada.

TNT customers shipping to North America will benefit from broader service coverage, faster transit times and higher weight capabilities, according to FedEx. Other highlights of the new Memphis-Liege flights:

• Consistent two-day transit times for express shipments from Europe to U.S. and Canada destinations, compared with two to four days previously

• Three-day transit times to U.S. and Canada destinations for express shipments from key locations in the Middle East, Africa and India

• More opportunities for customers in the U.S. Pacific Northwest market, including reduced cost and increased capacity, with a one-day transit time reduction for Shanghai perishable goods.

– Daily News staff

Boyd Picks Finance Chair For Gubernatorial Bid

Knoxville businessman and Tennessee gubernatorial candidate Randy Boyd has hired Nashville fundraiser Steve Smith to head the finance team of his bid for the Republican nomination for governor in 2018.

Smith is chairman of Haury & Smith Contractors Inc. of Nashville and was state finance chairman for U.S. Sen. Lamar Alexander’s 2008 and 2014 re-election campaigns.

He also served as the national finance co-chairman for Alexander’s 1996 and 2000 bids for president and was a top fundraiser for President George W. Bush’s 2004 re-election effort.

In addition to Smith, Boyd’s finance team includes Alice Krista Tadlock of Memphis and Taylor Ferrell of Nashville.

Tadlock was most recently national finance director for former Arkansas Gov. Mike Huckabee’s 2016 bid for the Republican presidential nomination.

Ferrell has been an aide and consultant to the Tennessee Republican Party and worked with Smith on Alexander’s 2014 re-election campaign.

– Bill Dries

First Tenn. Essay Contest Targets Literacy, Finance

To help raise awareness of financial literacy month in April, First Tennessee Bank is sponsoring its annual essay contest to encourage young people to make wise choices and improve money management skills.

This year’s topic is “How do you differentiate between needs and wants, and how do you save money to afford both?” Essays must be 400 words or less, in 12-point font, doubled-spaced with one-inch margins.

The top 12 essayists in grades 6-12 will be announced on April 3. Essays will be judged in three categories: Grades 6-7, Grades 8-9 and Grades 10-12, with four winners in each category.

Each winner will receive three tickets to the Memphis Grizzlies game on April 7 at the FedExForum, a financial literacy book, and $100 to save or invest.

‘Ono Poke Brings Hawaiian Fare to Memphis

‘Ono Poke is now building out its 1,200-square-foot space with plans to open later this month.

It will provide a unique dining experience, according to Loeb, bringing popular Hawaiian poke to Memphis for the first time. Poke bowls traditionally center around fresh fish served over rice with a variety of toppings, including edamame, avocado, ginger, nori, a variety of sauces, and much more.

– Daily News staff

City Begins Second Series Of Memphis 3.0 Meetings

City leaders are holding a second series of public meetings toward putting together the comprehensive Memphis 3.0 plan for the city’s future.

The public meetings resume Saturday, March 25, with a 10 a.m. session at Oakhaven High School, 3125 Ladbrook Road.

The month closes out with a March 28 meeting at Hollywood Community Center, 1560 N. Hollywood St. and a March 30 session at Glenview Community Center, 1141 S. Barksdale St., both starting at 5:30 p.m. Several more meetings are scheduled for April.

The set of rallies last year generated more than 10,000 comments, according to the administration.

Each meeting begins with some general comments, then the crowd breaks up into smaller groups for more specific discussions about plans for those areas of the city.

“We are continuing to broaden national exposure and recognition for the exceptional education value offered at the U of M, both undergraduate and graduate,” said university president M. David Rudd in a statement.

– Daily News staff

901 Popper Throwdown Taking Place Saturday

The group behind the Best Memphis Burger Fest is behind a new signature food event, the 901 Popper Throwdown, happening Saturday, March 25, at High Cotton Brewing Co. The free, family-friendly event will feature jalapeno popper cook-offs, a jalapeno-eating competition, live music, and High Cotton brews.

The 901 Popper Throwdown is the brainchild of Seth Agranov, who also founded the Best Memphis Burger Fest.

“Just like burgers, jalapeno poppers are a perfect platform to show off our teams’ culinary imaginations,” Agranov said in a statement. “Through the creative use of flavors and textures, an ordinary tailgating dish like a popper becomes a true work of art. We’re very excited to launch this new event, not only as a Burger Fest promotional cook-off, but as something else to do within our great city.”

901 Popper Throwdown will feature 15 teams competing in two rounds: anything goes, and poppers featuring High Cotton Scottish Ale or ESB in the recipe. There will also be a pickled jalapeno-eating competition.

Admission is free to 901 Popper Throwdown, which will take place from 1 p.m. to 6 p.m. at High Cotton Brewing Co., 589 Monroe Ave. Food samples will be provided at the team’s discretion in exchange for donations. Attendees can enjoy a Grateful Dead tribute from Hiway Hi-Fi at the Jack Pirtle’s Chicken stage and an area for family activities such as face painting, henna artists, a game truck, sidewalk chalk and more.

Proceeds from 901 Popper Throwdown benefit Memphis Pets Alive, a nonprofit whose mission is to promote and provide the resources, education and programs needed to save companion animals in local shelters. For more info, visit jalapenothrowdown.com.

– Daily News staff

Crosstown Concourse Delays Grand Opening

Crosstown Concourse, the redeveloped Sears Crosstown building, will have its formal opening Aug. 19 – 90 years to the month that the building first opened to the public.

Developers of the 1.5-million-square-foot mixed-use complex originally set a May 13 opening.

In a social media post, they said the building will be finished in May. But office and retail tenants will still be ramping up operations and finishing the build-out of their leased spaces.

“We feel the meaning of this (August) date will make for an even more momentous celebration of history, rebirth and community,” the Facebook post reads.

The building initially opened Aug. 8, 1927. There were five more additions built onto the original structure and tower that fronts on North Watkins south of North Parkway through the 1960s.

When Sears closed the building in 1993 it was a distribution center exclusively for Sears' mail order business.

Developer and philanthropist Staley Cates bought the building in 2007.

Crosstown Arts was formed in 2010 to undertake an adaptive reuse of the structure and campus. Crosstown Concourse formally broke ground in February 2015.

– Bill Dries

Shelby County Tax Sale Sets Record

Shelby County’s first tax sale auction of 2017 was its most successful to date.

The tax sale, which was held Feb. 21-23 at CivicSource.com, resulted in 97 properties sold and generated nearly $1.7 million in sales, according to the Shelby County Trustee’s office.

Nearly 70 people placed bids to purchase tax titles for 97 of the 331 available properties. Leading up to the tax sale, the trustee’s office collected the majority of taxes owed before online bidding opened, with delinquent accounts totaling $1.9 million paid out of the tax sale prior to the auction. More than 70 percent of the winning bidders were from Tennessee, and the highest bid in the auction was 1610 Vinton Ave., which sold for $160,001.

The trustee’s office reports the county has seen significant growth in the number of bidders, properties sold and revenue generated since switching to an online format in January 2016.

The next tax sale is scheduled to begin April 25.

– Daily News staff

Grizzlies Offering Summer Basketball Camps

The Memphis Grizzlies will host their 2017 Summer Basketball Camps with a record 25 different sessions at locations in Tennessee, Mississippi and Arkansas for boys and girls ages 7-16, giving participants of all skill levels and experience the chance to learn the game.

The 2017 Grizzlies Summer Basketball Camps are $295 and include two tickets to a future Grizzlies home game (redeemable once the 2017-18 schedule is released), skills and drills instruction, a reversible camp jersey, full-size basketball, guest appearances at select sessions and more. All camps run from 9 a.m. to 4 p.m. each day.

The staffers for each camp are all USA Basketball-licensed and comprised of current and former players, coaches and trainers. Campers can save $45 by registering by April 1 and entering the coupon code “EARLYBIRD.”

Limited spots are available. Visit grizzlies.com/camps to find out the dates and locations and to register online.

– Don Wade

Muddy’s Ramps Up Mail Order Offerings

Muddy’s Bake Shop is ramping up a new service for the bakery that it’s done only in a limited way until now – mail orders.

The business has teamed up Goldbely, which is both a buying portal and handles the shipping, to make it easier for Muddy’s customers to place mail orders.

Muddy’s started by offering three goodie boxes: a DIY cupcake kit, the baker’s dream box and a baker’s snack box.

“Thanks to the Goldbely relationship and their group-negotiated shipping costs, the prices are much more accessible for our customers and they're a great partner, passionately committed to helping grow artisan food businesses,” said Muddy’s owner Kat Gordon.